TrueShares Structured Outcome (December) ETF
DECZ
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- TrueShares Structured Outcome (December) ETF (DECZ) is an actively managed exchange-traded fund that seeks to track the returns of the S&P 500 Price Index while providing a downside buffer against the first 8% to 12% of losses in the index over a defined 12-month outcome period from one Roll Date to the next. The fund achieves its objective primarily by investing substantially all of its assets in a portfolio of options referencing the S&P 500 Price Index or exchange-traded funds that track it, including FLEX options such as at-the-money calls and out-of-the-money puts, supplemented by holdings in U.S. Treasury bills and money market funds for collateral; this strategy targets an expected upside participation rate of approximately 70-84% in S&P 500 gains, gross of fees, with a net expense ratio of 0.79% to 0.80%. DECZ forms part of TrueShares' broader suite of twelve monthly Structured Outcome ETFs (JANZ through DECZ), each offering similar buffered exposure tailored to sequential calendar periods, catering to investors seeking equity market participation with defined downside protection in the defined outcome segment of the ETF industry. TrueMark Investments, LLC serves as the investment adviser for DECZ and the TrueShares ETF family, with the fund domiciled under the Elevation Series Trust and listed on the Cboe BZX Exchange; founded in 2019, TrueMark is headquartered in Chicago, Illinois, at 433 W Van Buren St Suite 1100-E, and manages over $1 billion in assets across its actively managed ETFs focused on modern economy themes, volatility management, and structured outcomes. The firm operates primarily in the United States, targeting retail and institutional investors interested in targeted exposure to U.S. large-cap equities via buffered strategies. In recent developments, TrueMark Investments received a corporate minority investment from RiverNorth Capital Management, supporting expansion of its ETF lineup; in August 2025, TrueShares and RiverNorth completed the conversion of the 5-star rated RiverNorth Core Opportunity mutual fund into the actively managed RiverNorth Active Income ETF (CEFZ), marking the firm's first mutual fund-to-ETF conversion and leveraging RiverNorth as sub-adviser to deliver enhanced liquidity, transparency, and tax efficiency in a CEF-centric income strategy. The Structured Outcome ETF suite, including DECZ (inception November 30, 2020), continues to evolve with ongoing outcome period resets and performance tracking against the S&P 500, amid growing demand for uncapped buffered products as noted by TrueShares CEO Mike Loukas in late 2025 commentary.